WASHINGTON, Aug. 15, 2014 /PRNewswire/ -- Fannie Mae (OTC
Bulletin Board: FNMA) priced its eighth Multifamily DUS®
REMIC in 2014 totaling $950 million
under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae
GeMS) program on August 13, 2014.
"All of the tranches in the M9 traded well, despite heavy supply
in CMBS, continued global macro volatility, and August vacations,"
said Josh Seiff, Fannie Mae Vice
President of Multifamily Capital Markets. "When you see
stable demand like this for a late summer deal, it really
underscores the liquidity that the GeMS program helps to provide –
matching up lender production with investor demand."
All classes of FNA 2014-M9 are guaranteed by Fannie Mae with
respect to the full and timely payment of interest and
principal. The structure details for the multi-tranche
offering are in the table below:
Class
|
Original
Face
|
Weighted
Average
Life
|
Coupon
(%)
|
Coupon
Type
|
Spread
|
Offered Price
|
ASQ1
|
$75,241,882
|
1.82
|
0.678
|
Fixed
|
E+5
|
100.00
|
ASQ2
|
$426,370,666
|
2.42
|
1.462
|
Fixed
|
S+18
|
101.00
|
X1
|
$501,612,548
|
2.33
|
4.243
|
WAC IO
|
Not
Offered
|
Not
Offered
|
A1
|
$57,767,509
|
5.86
|
2.511
|
Fixed
|
S+37
|
101.00
|
A2
|
$336,509,265
|
9.85
|
3.103
|
Fixed/AFC
|
S+43
|
101.00
|
AB1
|
$7,877,387
|
5.86
|
2.388
|
Fixed
|
S+48
|
99.75
|
AB2
|
$45,887,627
|
9.85
|
3.055
|
Fixed/AFC
|
S+53
|
99.75
|
X2
|
$448,041,788
|
8.83
|
0.266
|
WAC IO
|
Not
Offered
|
Not
Offered
|
Total
|
$949,654,336
|
|
|
|
|
|
Group 1
Collateral
|
|
|
|
UPB:
|
$501,612,548
|
Collateral:
|
123 Fannie Mae DUS
MBS
|
Geographic
Distribution:
|
CA (31.4%), NY
(10.1%), MD (7.8%)
|
Weighted
Average
|
|
Debt Service
Coverage Ratio (DSCR):
|
1.49x
|
Weighted
Average
|
|
Loan-to-Value
(LTV):
|
62.8%
|
|
|
|
|
Group 2
Collateral
|
|
|
|
UPB:
|
$448,041,788
|
Collateral:
|
60 Fannie Mae DUS
MBS
|
Geographic
Distribution:
|
CA (28.4%), KS
(11.3%), NC (10.1%)
|
Weighted
Average
|
|
Debt Service
Coverage Ratio (DSCR):
|
1.56x
|
Weighted
Average
|
|
Loan-to-Value
(LTV):
|
67.3%
|
|
|
|
|
Settlement
Date:
|
August 29,
2014
|
|
|
Lead
Manager:
|
Morgan
Stanley
|
Co-Managers:
|
BNP Paribas and
Credit Suisse
|
For additional information, please refer to the Fannie Mae GeMS
REMIC Term Sheet (FNA 2014-M9) available on the Fannie Mae GeMS
Archive page on www.fanniemae.com.
Certain statements in this release may be considered
forward-looking statements within the meaning of federal securities
laws. In addition, not all securities will have the characteristics
discussed in this release. Before investing in any Fannie Mae
issued security, you should read the prospectus and prospectus
supplement pursuant to which such security is offered. You should
also read our most current Annual Report on Form 10-K and our
reports on Form 10-Q and Form 8-K filed with the U.S. Securities
and Exchange Commission ("SEC") available on the Investor
Relations page of our Web site at www.fanniemae.com
and on the SEC's Web site at www.sec.gov.
Fannie Mae enables people to buy, refinance, or rent a
home.
Visit us at: www.fanniemae.com/progress
Follow us on Twitter:
http://twitter.com/FannieMae.
SOURCE Fannie Mae